The stats are in… House prices are up 6.1% in September compared with Sept 2014. In fact, house prices were up across the country except Alberta, Saskatchewan and PEI.
Now, what’s the first thought that popped into your head? Did you ask, ‘when will house prices collapse or go downs?’. That’s probably what most of us are thinking. The answer is, no one really knows.
The Canadian real estate market has proven to be as resilient as Justin Trudeau. Our new PM took a lot of personal attacks but somehow, he managed to survive and win… a majority govt. (not saying I want or don’t want him there… I’ll keep my personal politics private… for now anyways).
Point is, we’ve been hearing that the housing market is going to collapse, correct, crash, whatever…. for the last 12 yrs.. yet, it keeps going up. Will there be a correction? I think so.. at some point… (note: I said correction and not crash) But like any Financial Advisor will tell you, trying to time the market is guarantee for disaster. Get in, stay for the long-term (7 yrs is my advice and strategy) and you’ll be fine.
Seven years is usually enough time to outlive any cyclical housing decline.. It also allows you to amortize your acquisition and disposal costs and you’ll have a smaller mortgage balance in 7 years too.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis 416 224 0114 firstname.lastname@example.org